European markets open lower amid intensifying concerns over global growth
European stocks open lower Tuesday morning, amid escalating concerns about a slowing global economy.
The FTSE 100 opened 0.4 percent lower, the CAC open down around 0.6 percent, while the DAX opened 0.3 percent lower, according to IG. The pan-European Stoxx 600 was down 0.3 percent at the open.
In terms of sectors, travel & leisure stocks were at the top of the charts, up about 0.18 percent. Meanwhile, oil & gas sector saw losses, with the sector down 1.4 percent.
Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. It was the second straight month of disappointing reading.
The gloomy data compounded weaker-than-expected economic news from Europe late last week.
In addition, a profit warning from Asos shocked investors on Monday. Shares of the company tumbled more than 30 percent on the news. The previously high-flying clothing retailer also prompted U.S. consumer discretionary shares to fall almost 3 percent, with stocks on Wall Street slipping to their lowest levels in more than a year on Monday.
European stocks open lower Tuesday morning, amid escalating concerns about a slowing global economy
The FTSE 100 opened 0.4 percent lower, the CAC open down around 0.6 percent, while the DAX opened 0.3 percent lower, according to IG. The pan-European Stoxx 600 was down 0.3 percent at the open
In terms of sectors, travel & leisure stocks were at the top of the charts, up about 0.18 percent. Meanwhile, oil & gas sector saw losses, with the sector down 1.4 percent.
Market focus is largely attuned to a darkening global growth outlook, following a flurry of sluggish economic reports. On Monday, the National Association of Home Builders Housing Markets Index indicated U.S. homebuilder sentiment had dipped to a three-and-a-half year low. It was the second straight month of disappointing reading.
The gloomy data compounded weaker-than-expected economic news from Europe late last week.
In addition, a profit warning from Asos shocked investors on Monday. Shares of the company tumbled more than 30 percent on the news. The previously high-flying clothing retailer also prompted U.S. consumer discretionary shares to fall almost 3 percent, with stocks on Wall Street slipping to their lowest levels in more than a year on Monday.
In Asia, MSCI’s broadest index of Asia-Pacific shares, excluding Japan, was down around 0.3 percent on Tuesday.
Back in Europe, investors are likely to monitor Germany’s Ifo business climate figures for December at around 9:00 a.m. London time.
Meanwhile, Britain’s embattled Prime Minister Theresa May announced Monday a parliamentary vote on her Brexit deal would take place in the third week of January.
This prompted Britain’s leader of the opposition, Jeremy Corbyn, to table a motion of no confidence in Theresa May, saying it was unacceptable for parliament to wait another month to vote on the deal.
U.K. lawmakers were initially scheduled to have their say on the terms of Britain’s withdrawal from the EU last week but the prime minister delayed the vote, admitting she was likely to lose.
